V-Mart revenue rises 18% as September-quarter loss widens

V-Mart Retail Limited reported revenue from operations of Rs 952.99 crore for the quarter ended September 30, 2026, up 18% from a year earlier, but its net loss widened to Rs 16.34 crore from Rs 8.87 crore. Earnings before interest, taxes, depreciation and amortisation, or EBITDA, rose to Rs 86.06 crore from Rs 71.51 crore.

What did V-Mart report for the September 2026 quarter?

V-Mart reported an 18% year-on-year increase in revenue from operations to Rs 952.99 crore in the quarter ended September 30, 2026, compared with Rs 806.87 crore in the quarter ended September 30, 2025. Total income, including other income, increased to Rs 955.67 crore from Rs 810.30 crore. Other income declined to Rs 2.68 crore from Rs 3.43 crore, so revenue from operations accounted for the increase in total income.

The unaudited statement recorded EBITDA of Rs 86.06 crore, compared with Rs 71.51 crore a year earlier, while loss before tax widened to Rs 20.70 crore from Rs 13.61 crore. After a tax credit of Rs 4.36 crore, V-Mart reported a loss for the period of Rs 16.34 crore, compared with Rs 8.87 crore in the prior-year quarter. Basic and diluted loss per share were both Rs 2.06, against Rs 1.12 a year earlier.

Why did V-Mart's loss widen despite higher revenue?

V-Mart's statement shows total expenses increased by more than total income in the September quarter. Total expenses rose to Rs 976.37 crore from Rs 823.91 crore a year earlier, an increase of Rs 152.46 crore, while total income increased by Rs 145.37 crore to Rs 955.67 crore. The filing does not provide a management narrative assigning the wider loss to individual expense lines.

Employee benefits expense rose to Rs 111.95 crore from Rs 97.60 crore, finance costs increased to Rs 20.69 crore from Rs 17.45 crore, and depreciation and amortisation rose to Rs 88.75 crore from Rs 71.10 crore. Purchases of stock-in-trade were Rs 930.54 crore against Rs 761.41 crore, while other expenses increased to Rs 120.92 crore from Rs 102.24 crore. Changes in inventories were negative Rs 296.48 crore, compared with negative Rs 225.89 crore.

On a sequential basis, the September-quarter result changed from a profit in the June 2026 quarter. Revenue from operations declined from Rs 1,088.81 crore in June to Rs 952.99 crore in September, while EBITDA fell from Rs 160.64 crore to Rs 86.06 crore. Profit for the period moved from Rs 47.21 crore in June to a Rs 16.34 crore loss in September.

Which V-Mart segments generated September-quarter revenue?

V-Mart's retail trade segment generated Rs 947.08 crore of September-quarter revenue before inter-segment eliminations, while digital marketplace revenue was Rs 14.28 crore. Retail trade revenue increased from Rs 800.32 crore in the year-earlier quarter, and digital marketplace revenue increased from Rs 8.48 crore. Total segment revenue was Rs 961.36 crore, from which Rs 8.37 crore of inter-segment revenue was eliminated to arrive at reported revenue from operations of Rs 952.99 crore.

Retail trade recorded a segment loss of Rs 13.20 crore in the September 2026 quarter, compared with a Rs 5.63 crore loss a year earlier. The digital marketplace recorded a segment loss of Rs 2.38 crore, narrower than its Rs 3.70 crore loss in the September 2025 quarter. Combined segment results were a Rs 15.58 crore loss, compared with a Rs 9.33 crore loss, before unallocable finance costs and unallocable depreciation and amortisation.

For the six months ended September 30, 2026, retail trade generated Rs 2,030.56 crore in segment revenue and digital marketplace revenue was Rs 24.65 crore. The corresponding prior-year figures were Rs 1,679.38 crore and Rs 16.61 crore. Retail trade's six-month segment result was a Rs 53.02 crore profit, while the digital marketplace's loss narrowed to Rs 5.61 crore from Rs 8.76 crore.

What do V-Mart's six-month balance sheet and cash flows show?

V-Mart reported a six-month profit of Rs 30.87 crore for the period ended September 30, 2026, compared with Rs 24.73 crore in the corresponding 2025 period. Revenue from operations for the six months rose to Rs 2,041.80 crore from Rs 1,692.09 crore, while EBITDA increased to Rs 246.70 crore from Rs 197.68 crore. The June-quarter profit of Rs 47.21 crore exceeded the September-quarter loss of Rs 16.34 crore.

Total assets stood at Rs 3,080.62 crore on September 30, 2026, compared with Rs 2,779.90 crore on March 31, 2026. Inventories rose to Rs 1,190.41 crore from Rs 987.53 crore, while current borrowings increased to Rs 189.95 crore from Rs 100.01 crore. Equity, comprising share capital and other equity, was Rs 978.80 crore at September-end, compared with Rs 951.10 crore at the preceding financial year-end.

Net cash generated from operating activities in the six months was Rs 140.21 crore, down from Rs 232.67 crore in the year-earlier period. The cash-flow statement recorded a Rs 202.88 crore increase in inventories, compared with a Rs 57.28 crore increase in the prior-year six months. V-Mart spent Rs 81.46 crore on purchases of property, plant and equipment, including intangible assets, capital work in progress and capital advances, compared with Rs 58.51 crore a year earlier.

Conclusion

V-Mart's September-quarter filing shows that revenue and EBITDA increased from a year earlier, but expenses increased by more than total income and the company remained loss-making. The quarterly loss of Rs 16.34 crore was higher than the Rs 8.87 crore loss in the prior-year quarter, although the six-month result remained profitable at Rs 30.87 crore.

The disclosed scheduled development is the appointment of Varin Agarwal as head of merchandising and a senior management personnel, effective November 3, 2026. The filing says he joined V-Mart in 2024 and had worked on LimeRoad buying, merchandising, product assortment and category management, making subsequent disclosures on merchandising and the digital marketplace relevant to follow.